Two Harbors Investment Corp | 7.25% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (TWO.PRC)
Prospectus excerpt: We are offering 11,000,000 shares of our 7.25% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, with a liquidation preference of $25.00 per share, or the Series C Preferred Stock. Holders of Series C Preferred Stock will be entitled to receive cumulative cash dividends (i) from and including the original issue date to, but excluding, January 27, 2025 at a fixed rate equal to 7.25% per annum of the $25.00 per share liquidation preference (equivalent to $1.8125 per annum per share) and (ii) from and including January 27, 2025, at a floating rate equal to three-month LIBOR plus a spread of 5.011% per annum. Dividends will be payable quarterly in arrears on the 27th day of April, July, October and January of each year, when and as declared, beginning on January 27, 2018 (short first dividend period). Dividends will accumulate and be cumulative from, and including, the date of original issuance of the Series C Preferred Stock.
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Two Harbors Investment is a holding company. Through its subsidiaries, Co. operates as a real estate investment trust (REIT) focused on investing in, financing and managing Agency residential mortgage-backed securities (Agency RMBS), mortgage servicing rights (MSR), and other financial assets, which it collectively refers to as its target assets. Co. is externally managed and advised by PRCM Advisers LLC, a wholly-owned subsidiary of Pine River Capital Management L.P. Co.'s portfolio includes assets that are primarily sensitive to changes in interest rates, prepayments and mortgage spreads, including but not limited to Agency RMBS, MSR and related hedging transactions. Preferreds: TWO.PRD, TWO.PRE, TWO.PRA, TWO.PRB, TWO.PRC Open the TWO Information Page » |
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